Swing Trading Strategy GBPAUD – 18th April 2019

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GBPAUD has been bearish on the Daily as well as on the H4 chart. Yesterday’s daily candle came out as a bearish candle too. The H4 chart suggests that the price has already had some corrections and one of the significant levels has been held as a resistance so far. If that level is held and it ends up producing an H4 bearish engulfing candle, then the sellers are going to wait for an H1 breakout at the lowest low of the trend to take a short entry. Let us have a look at the H4 GBPAUD chart.

The level of 1.80965 is the level of support or the trend’s lowest low here. On the other hand, the level of 1.81895 is the level which seems to be held by 3 H4 candles. If this level produces an H4 bearish engulfing candle, then an H1 breakout at the level of 1.80965 would drive the price to go towards the level of 1.79574. Let us have a look at the summary of the trade…

Sell Stop Order: 1.80975

Stop Loss: 1.82425

Take Profit: 1.79574

The AUD is going to have two high impact news events today at GMT 0230 hrs. The price is going to move abruptly as well. The Good thing is this is news event is going to occur on the first hour of an H4 candle. Thus, even if the price goes upward and comes back, the resistance level that we marked here will remain valid, so will the trade setup.

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